Gold Price in 1971

The gold price rose 16.7% in 1971, from $37.38 at the end of 1970 to $43.62. Its highest close was $43.98 on Dec 6 — a record that stood until January 3, 1972, and its lowest $37.39 on Jan 7. The biggest one-day fall was −2.1% on Aug 27 and the biggest rise +3.2% on Aug 9. Adjusted for inflation, it gained 13.0%.

Change in 1971

+16.7%

$37.38 → $43.62

High

$43.98

Dec 6

Low

$37.39

Jan 7

After inflation

+13.0%

US CPI

Up days

133 of 253

longest run 5 up, 6 down

Record highs

closing records

Gold Price, daily closes 1971

Numbers mark the events below

Key Events in 1971

What happened, and how the Gold moved — on the day (or the next trading day) and about a month later.

1
Monday, August 9 From the data

Gold sets the first of 2 record closing highs this year, at $43.94. Back above its pre-bear-market peak of $43.83 (March 10, 1969). Biggest one-day rise of the year: +3.2%.
2
Sunday, August 15

Nixon closes the gold window, ending dollar convertibility to gold, and announces wage and price controls. Source

Gold: +0.1% next trading day (Aug 17) · −2.4% a month later
3
Friday, August 27 From the data

Biggest one-day fall of the year: −2.1%.
4
Monday, December 6 From the data

Last record close of the year: $43.98.
5
Saturday, December 18

Smithsonian Agreement realigns major currencies and raises the official gold price to $38. Source

Gold: −0.1% next trading day (Dec 20) · +7.3% a month later

Biggest days of 1971

Best days		Worst days
Aug 9	+3.2%	Aug 27	−2.1%
May 20	+1.4%	Aug 26	−1.8%
Sep 28	+1.3%	Aug 10	−1.6%
Jul 22	+1.3%	May 7	−1.3%
May 5	+1.1%	Sep 29	−1.3%

Volatility: 8.5% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$38.05	+1.8%	$38.15	$37.39
Feb	$38.80	+2.0%	$38.95	$38.17
Mar	$38.88	+0.2%	$39.04	$38.69
Apr	$39.70	+2.1%	$39.70	$38.85
May	$40.84	+2.9%	$41.20	$39.43
Jun	$40.10	−1.8%	$40.84	$39.55
Jul	$42.40	+5.7%	$42.40	$40.24
Aug	$40.65	−4.1%	$43.94	$40.65
Sep	$42.60	+4.8%	$43.15	$41.10
Oct	$42.34	−0.6%	$42.70	$42.34
Nov	$43.60	+3.0%	$43.66	$42.15
Dec	$43.62	0.0%	$43.98	$42.72

Other Markets in 1971

Change over the calendar year.

Market	Change	Year-end
Gold Price	+16.7%	$43.62
Dow Jones Industrial Average in 1971	+6.1%	890.20
S&P 500 in 1971	+10.8%	102.09
Silver in 1971	−16.0%	$1.37
US 10-year Treasury yield in 1971	−0.61 pp	5.89%

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Gold Price in 1971: FAQ

How much did the gold price rise in 1971?

What were the highest and lowest closes of the gold price in 1971?

Highest: $43.98 on December 6, 1971. Lowest: $37.39 on January 7, 1971. It closed higher on 133 of 253 trading days.

What happened to the gold price on August 15, 1971?

Nixon closes the gold window, ending dollar convertibility to gold, and announces wage and price controls. The gold price rose 0.1% on the next trading day (August 17, 1971), and was −2.4% a month later.

Did the gold price reach a record high in 1971?

Yes — 2 record closing highs, the last at $43.98 on December 6, 1971. (Records counted from 1968, when the free market price began.)

Data: London PM fix (LBMA) from 1968 to Sep 2017, COMEX gold futures closes after that. Before 1968 the official US price: $20.67 until Oct 1933, $35 from 31 Jan 1934. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.